The pace at which international fashion retailers are leaving Hong Kong is probably faster than the pace at which coronavirus is spreading in some parts of the globe.
That’s no exaggeration! The social unrest in the city along with the pandemic widespread has already seen many fashion brands leave the country in last 1 year.
Topshop, the British womenswear retailer, is the latest to announce its exit from Hong Kong.
The retailer, while speaking to media, said that it will not be renewing the lease of its double storey flagship store in October this year – thereby paving way for the closure of its last and the largest store in Hong Kong.
The store, spread over an area of 14,000 square feet, was bought by Topshop for HK $ 2.8 million back in 2012 in partnership with Lab Concept.
After paying HK $ 3.4 million as monthly rent for some time, the rent was reduced to HK $ 1.5 million in 2017 after renewal of the lease.
Over the last few years, Topshop had opened 2 more stores in Hong Kong (at Times Square in Causeway Bay and Admiralty) but soon there was slump in its popularity among local shoppers that forced the retailer to close the stores.
The retailer said that despite store closure, it will continue selling its products digitally in Hong Kong.
Hong Kong has been going through turbulent times for over a year now, with its retail sales going down by 32.8 per cent Y-o-Y in May 2020 – a worrying 16th successive month of decline.
The London-based clothing and shoe retailer, which is a part of the Arcadia Group, has around 500 stores worldwide with nearly 300 in the UK.
